The American Medical Association shared several strategies for keeping a medical practice in business during the COVID-19 pandemic.
Five strategies to know:
1. Establish a rapid process — as well as a clear chain of command — for decision-making and planning.
2. Determine whether your insurance policy covers COVID-19-related losses, and document all losses and expenses to make a claim.
3. Develop a financial contingency plan based on estimates of the minimum cash flow needed to stay afloat.
4. Proactively communicate with vendors, landlords and creditors in the event that a business slowdown could trigger a default situation.
5. Consolidate essential administrative and coding resources into a single document for remote workers.
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